Resolute's production falls in March quarter
PERTH (miningweekly.com) – Africa-focused gold miner Resolute Mining has reported a 5% fall in gold production for the March quarter, compared with the previous quarter, as its Syama operation, in Mali, reported its highest sulphide gold production since 2016.
Gold production for the three months to March reached 85 668 oz, down from the 89 888 oz of gold poured in the December quarter.
Syama’s sulphide gold production for the quarter reached 37 217 oz, which is the highest since 2016, continuing the improvement trend which was started late in 2020, Resolute told shareholders.
Oxide production from Syama reached 15 508 oz, which was 44% higher than the December quarter, although below expectations, as ore from the Cashew openpit was required to be blended with low-grade stockpiles to improve material handling through the processing plant.
The Mako project, in Senegal, delivered 32 943 oz of gold during the quarter, a 24% decline on the December quarter production. Resolute told shareholders that the lower production reflected the expected reduction in grade, along with higher unit costs as cut back started to provide access to deeper sections of the deposit, increasing the mine life.
Meanwhile, Resolute reported that gold sales for the quarter was also down to 83 400 oz, from 91 607 oz, while the average realised price for gold sales improved from $1 719/oz to $1 729/oz.
All-in sustaining costs (AISC) for the quarter reached $1 239/oz, which was in line with the 2021 guidance.
Looking ahead at the full year, Resolute has reaffirmed its production guidance set at between 350 000 oz and 375 000 oz, at an AISC of between $1 200/oz and $1 275/oz.
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